3-Tier Lending Program

By mmuise
Description:

GEDC’s 3-Tier Lending Program was developed to assist new and existing small to medium enterprises (SME) to finance startup, expansion, purchase of assets or working capital. There are 3 types of loans:
1. Micro Loans are ideal for smaller businesses looking for help with start-up and other costs. There is a simplified application and approval process.
2. General Loans can help Greenstone businesses of all sizes reach their maximum potential.
3. Pool Loans are available through the CFDC's Northwestern Ontario Investment Pool (Seven Community Futures Development Corporations (CFDCs) in Northwestern Ontario now have the ability to provide loans to Northwestern Ontario businesses in excess of their normal lending cap of $150,000 to as much as $500,000).


Comments on Funding:

Funding is:
- between $500 and $10,000 for Micro Loans;
- between $10,001 and $150,000 for General Loans;
- between $150,001 and $500,000 for Pool Loans.

The interest rate can be as low as prime plus 2%, depending on the risk and circumstances of the loan.

Deadline: Continuous Intake
Eligibility:

Applicants must:

  • be new and existing small to medium enterprises (SME) to finance startup, expansion, purchase of assets or working capital;
  • be registered businesses in Ontario;
  • operate in the Greenstone region;
  • be sound businesses that create and maintain sustainable employment in all economic sectors;
  • have a business plan and financial projections;
  • be 19 years old;
  • be corporations, legal partnerships and registered sole proprietors, if applying for Pool Loans.
Application Steps:

Applicants must call or email GEDC to set up an appointment: 807-854-2273 / info@gedc.ca.

Documentation Needed:

Applciants must submit a business plan and financial projections.

Other Things to Note:

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About the author
mmuise